ProPetro Holding Corp. $PUMP Stock Acquired by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its ProPetro stake by 182.6% in the third quarter, acquiring 2.38 million additional shares and bringing its holdings to roughly 3.68 million shares, or 3% of the company.
• ProPetro shares opened at $7.73, well below their 50-day and 200-day moving averages. The company recently missed quarterly EPS expectations, while revenue fell 6.3% year over year and analysts project a full-year loss.
• Analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and a $15.05 target price, although several firms have recently reduced their price targets. Company insiders also sold shares, reducing their ownership stakes.

Assenagon Asset Management S.A. grew its position in shares of ProPetro Holding Corp. (NYSE:PUMP - Free Report) by 182.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,684,710 shares of the company's stock after purchasing an additional 2,380,655 shares during the quarter. Assenagon Asset Management S.A. owned approximately 3.00% of ProPetro worth $32,573,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Y Intercept Hong Kong Ltd purchased a new stake in shares of ProPetro during the first quarter worth about $2,045,000. Fund 1 Investments LLC raised its position in shares of ProPetro by 2,653.6% during the 2nd quarter. Fund 1 Investments LLC now owns 1,793,882 shares of the company's stock worth $25,724,000 after purchasing an additional 1,728,736 shares during the last quarter. Readystate Asset Management LP lifted its stake in ProPetro by 285.6% in the 2nd quarter. Readystate Asset Management LP now owns 405,748 shares of the company's stock valued at $5,818,000 after buying an additional 300,535 shares in the last quarter. Engineers Gate Manager LP lifted its stake in ProPetro by 477.9% in the 2nd quarter. Engineers Gate Manager LP now owns 297,809 shares of the company's stock valued at $4,271,000 after buying an additional 246,278 shares in the last quarter. Finally, Bank of America Corp DE purchased a new position in ProPetro in the 2nd quarter valued at about $12,315,000. 84.70% of the stock is owned by hedge funds and other institutional investors.

ProPetro Stock Performance

NYSE:PUMP opened at $7.73 on Friday. The company's 50-day moving average price is $10.44 and its 200-day moving average price is $13.05. The company has a current ratio of 4.09, a quick ratio of 4.00 and a debt-to-equity ratio of 0.80. The company has a market cap of $949.89 million, a P/E ratio of -70.31 and a beta of 0.86. ProPetro Holding Corp. has a twelve month low of $5.03 and a twelve month high of $18.50.

ProPetro (NYSE:PUMP - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.06). The business had revenue of $305.81 million for the quarter, compared to analysts' expectations of $304.48 million. ProPetro had a negative net margin of 1.15% and a negative return on equity of 1.49%. The firm's revenue was down 6.3% on a year-over-year basis. During the same period in the prior year, the company posted ($0.07) EPS. On average, sell-side analysts forecast that ProPetro Holding Corp. will post -0.10 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms recently issued reports on PUMP. Weiss Ratings cut ProPetro from a "sell (d-)" rating to a "sell (e+)" rating in a report on Tuesday, September 29th. Citigroup reduced their target price on ProPetro from $16.00 to $14.50 and set a "buy" rating for the company in a report on Friday, October 2nd. Piper Sandler reduced their target price on ProPetro from $18.00 to $15.00 and set an "overweight" rating for the company in a report on Thursday, August 27th. Stifel Nicolaus decreased their target price on ProPetro from $23.00 to $20.00 and set a "buy" rating on the stock in a research report on Monday, August 3rd. Finally, Scotiabank initiated coverage on ProPetro in a research note on Tuesday, September 29th. They issued a "sector perform" rating and a $12.00 price target on the stock. Eight equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $15.05.

Insider Activity at ProPetro

In other news, COO Adam Muñoz sold 70,696 shares of the company's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $11.17, for a total value of $789,674.32. Following the completion of the sale, the chief operating officer directly owned 148,691 shares in the company, valued at $1,660,878.47. This represents a 32.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director G Lawrence sold 35,831 shares of the company's stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $11.16, for a total value of $399,873.96. Following the completion of the sale, the director owned 28,181 shares of the company's stock, valued at $314,499.96. This trade represents a 55.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 1.55% of the company's stock.

About ProPetro

ProPetro Holding Corp. is an oilfield services company that provides completion and production services to exploration and production companies. Through its operating subsidiaries, the company primarily supports the development of unconventional oil and natural gas wells.

ProPetro's services include hydraulic fracturing, well stimulation, wireline services and related completion activities. Its hydraulic fracturing operations use fleets of high-pressure pumping equipment to help operators complete wells, while its wireline business supports well intervention, evaluation and perforating activities.

Headquartered in Midland, Texas, ProPetro primarily serves customers operating in the Permian Basin of West Texas and southeastern New Mexico, one of the largest U.S.

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